Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on Recurring and Non-recurring Basis

The assets and liabilities measured at fair value on a recurring and non-recurring basis are summarized in the tables below:

	Fair Value as of June 30, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Equity investments	$	27,678	$	-	$	-	$	27,678
Equity investments of Consolidated Funds		1,797		-		-		1,797
Total assets within the fair value hierarchy	$	29,475	$	-	$	-	$	29,475
Investments valued at net asset value							$	20,363
Total assets							$	49,838
Liabilities:
Participation feature of HC LLC Series A-2 Preferred Stock	$	-	$	-	*		*
Contingent consideration liability		-		-		1,767		1,767
Total liabilities	$	-	$	-	$	1,767	$	1,767

* Balance eliminates in consolidation.

	Fair Value as of June 30, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Equity investments	$	19,444	$	-	$	-	$	19,444
Equity investments of Consolidated Funds		26,490						26,490
Total assets	$	45,934	$	-	$	-	$	45,934
Investments valued at net asset value							$	4,600
Total assets							$	50,534
Liabilities:
Participation feature of HC LLC Series A-2 Preferred Stock	$	-	$	-	*		*
Contingent consideration liability		-		-		271		271
Total liabilities	$	-	$	-	$	271	$	271

Reconciliation of Changes in Contingent Consideration, Level 3 Liability

The following is a reconciliation of changes in contingent consideration, a Level 3 liability:

	For the years ended June 30,
(in thousands)	2022			2021
Beginning Balance	$	271		$	-
Additions		1,617			397
Payments		-			-
Change in fair value		(121	)		(126	)
Ending Balance	$	1,767		$	271